Long in the Shadows,
Dividends Take Stage

In the go-go days of the late '90s, dividend-paying companies -- typically lumbering Old Economy standbys -- took a back seat to flashier tech bets as risky plays were amply rewarded.

Because the S&P 500-stock index was rising about 20% annually at the time, dividends looked minuscule in comparison and all but fell off investors' radar screens. And as demand for dividends faded, companies cut payments and opted instead for more...